Another Day, Another Beverage Deal 🍉

Author

CPG WIRE
April 03, 2025

GM and Happy Thursday, folks. Here’s what we’re covering this morning:

  • The Quality Group buys RAW 💪

  • Diageo divests another brewery 🍻

  • LOVE CORN secures $6.2M 🌽

  • Glen Powell breaks into CPG 🌭

  • Joggy Energy lands at Target 🎯

Check out this newsletter that my pal Daniel Faierman dropped called Term Sheet Pitfalls. Each week, Daniel and Chuck Cotter break down a key element of a venture term sheet. It’s great for founders focused on fundraising as well as for early stage existing/aspiring VCs/angels.

Deals 💰

Mergers & Acquisitions 

  • KJ Holding Corp, the owner of Calypso Lemonades, has acquired fast-growing beverage brand Mela for an undisclosed sum. Mela officially launched in 2022 and brought a line of hydrating watermelon beverages to market. The brand retails at Target, 7-Eleven, QuikTrip, and Kroger. This seems like a big win for KJ Holding Corp. They’ll be able leverage their distribution and manufacturing capabilties to scale Mela to new heights. Business Wire

  • The Quality Group, a German manufacturer of performance nutrition products, has acquired RAW Nutrition and BUM Energy, two Florida-based brands. The Quality Group is a supplements powerhouse in Europe and they’re acquiring these brands to gain greater exposure to the North American market. The founders of RAW Nutrition, Dom Iacovone and Chris Bumstead, will both become co-owners of The Quality Group. Stack3d

  • Organigram Global, a major player in the Canadian cannabis industry, has acquired Collective Project, a cannabis beverage brand with considerable distribution in Canada and the U.S. Organigram will pay C$6.2M upfront in addition to a possible earnout up to C$24M. Business Wire

  • Diageo has divested yet another brewery in Africa, its third such divestment this year. The spirits giant sold its majority stake in Seychelles Breweries to Mauritius-based Phoenix Beverages. Terms of the deal were not disclosed. Bloomberg

Fundraising

  • Reframe, a South Carolina-based cannabis-infused spirits brand, raised $460K in additional equity funding. The company was founded earlier this year by Jake MacDowell, Justin Buchanan, and Dylan Roukous, a trio of beverage industry veterans. The packaging is so good. SEC

  • Canned hydration brand Wet Hydration secured $4.5M in fresh funding from undisclosed investors. The company also hired a former Celsius sales executive. BevNET

  • According to an SEC filing, better-for-you snack brand LOVE CORN raised $6.2M in equity funding on March 14th. The company was founded in 2016 by Jamie McCloskey, his brother Gavin McCloskey, and sister-in-law Missy McCloskey. Love Corn has considerable retail distribution in both the UK and US. SEC

What’s New 🤩

Apparel, Cosmetics, and Wellness

  • The Skinny Confidential, a popular media and consumer goods company, is launching a luxury toilet paper line. The bamboo-based toilet paper is free from harsh chemicals and is elegantly packaged. Inc. Magazine

  • Four accomplished beauty entrepreneurs — Lauren Vesler, Manda Mason, Edward Connaghan, and Denise Russell — joined forces to launch Goddess Maintenance Co., a new biotech haircare brand. The company’s hero product is BioTech Blowout which will retail for $40. PR Newswire

  • Running brand Bandit is releasing its first-ever footwear collaboration with ASICS. It’s a beauty. Bandit Members will have access to the shoe today and the general public will be able to purchase it on April 4th. Hypebeast

Food, Beverage, and Alcohol

  • Dutch Bros (NYSE: BROS), a fast-growing coffee chain with 1,000 stores across 18 states, signed a licensing agreement with Trilliant Food & Nutrition to launch an RTD coffee range for the retail channel. Trilliant also plans on bringing Dutch Bros K-Cups to market. Dutch Bros views the partnership as a brand awareness play in states where the coffee chain is underrepresented. World Coffee Portal

  • Penelope Bourbon, the premium bourbon brand that MGP Ingredients acquired for $105M in 2023, launched its first ready-to-serve cocktail — Penelope Peach Old Fashioned. The new RTS SKU will retail for $29.99, a more affordable price point compared to Penelope’s other products. Smart move. PR Newswire

  • Actor Glen Powell launched a clean condiments brand called Smash Kitchen. The brand launched with 8 SKUs which are available exclusively at Walmart. Powell founded the brand alongside Sameer Mehta, the co-founder of Jinx, and Sean Kane, the co-founder of Hello Bello and The Honest Company. Badass team. Fast Company

  • Absolut & Sprite, a joint venture between Coca-Cola and Pernod Ricard, is adding a new Watermelon flavor. The Grocer

  • Goodles launched three new mac and cheese SKUS: Dreamy Creamy, Thrilled Cheese, and Queso Tell Me More. Each flavor contains up to 16g of protein, 7g of fiber, and 21 nutrients from plants. Business Wire

  • BRĒZ, a fast-growing cannabis beverage brand, launched a 10mg Extra Strength SKU. The new product is available exclusively via their website. Twitter

  • Wynk, another player in the cannabis beverage space, also launched a 10mg THC Lemonade Seltzer. PR Newswire

  • UK-based non-alc beer producer Lucky Saint unveiled a new SKU called Superior Lemon Lager. FoodBev

🚨 Big Opportunity For Brands 🚨

My friends at The Dink are taking their nationwide pickleball tour to the next level — and they’re looking for CPG brands to get in on the action.

We’re talking:

  • 20,000+ players competing nationwide 🏆

  • 7 regional & 20 state championships 📍

  • 1 national championship with a $100K prize pool 🎟️

  • 2M+ social followers & app users 📢

  • 600K engaged email subscribers 📩

This is the biggest grassroots pickleball circuit in the U.S., and it’s the perfect place for brands to connect with an active, engaged community.

If you want to sponsor or activate your brand with The Dink Minor League, get in touch here.

Data 🖥️

  • Biltong brand Stryve Foods reported their prelimary FY results for 2024. Net sales increased over 18% to $21M while their adjusted EBITDA loss narrowed to $8M. GlobeNewswire

Distribution News 🚚

  • Clean energy drink brand Joggy launched at Target.

  • Another energy drink brand, Gorgie, also launched at Target.

  • BFY sweets brand Cravers went nationwide at Whole Foods Market.

  • Women’s health brand O Positiv launched nationwide at CVS.

  • London-based TRIP launched at Target.

  • Non-alc wine brand Libby launched at Sprouts Farmers Market.

  • Fort Worth-based La Pulga Tequila launched in New Jersey.